Unit 10 - Project... Help please....

aimeexox

Im just about to start writing about the weaknesses but I only have 3.. does anyone know roughly how many words each weakness has to be?

sdv

3 weaknesses are fine provided you can cover all the required PC, KU and RS for section 2 of Unit 10

This should include weaknesses identified on the potential Fraud and Cost benefit analysis.

aimeexox

what does PC, KU and RS stand for? Sorry to be a pain!!!

anniem

Performance Criteria
Knowledge and Understanding
Range Statement

If you have a look at the different Elements to be covered:

10.1 Manage People within the accounting environment
10.2 Identify opportunities for improving the effectiveness of an accounting system - the bit you're on

you should be on the right track.

You're doing ok, keep going!

Anna

aimeexox

Thank you for your help!! The whole thing is just a struggle.. when writing about fraud do I need to write about fraud that could happen in my workplace or fraud in general? And im struggling with how much I need to write for each of my solutions to my weaknesses

sdv

aimeexox wrote: »

Thank you for your help!! The whole thing is just a struggle.. when writing about fraud do I need to write about fraud that could happen in my workplace or fraud in general? And im struggling with how much I need to write for each of my solutions to my weaknesses

you need to write about a possible fraud that could happen in the accounting department that you have chosen to write about.

How could this fraund happen and what would be it's effect on the organisation. eg reputation, profits, customer's confidence, etc.....

How can this fraud be prevented?

you will also need to prepare a fraud matrix with 6 columns.

1 Risk area = Describe how a possible fraud could occur
2 likelyhood of fraud occuring - High/medium/low
3 Impact on the organisation - high/medium/low
4 Controls to prevent such a fraud - high/medium/low
5 Net likely impact on the organisation H/M/L
6 ACTION - what actions should be taken to prevent such a fraud.

see the attached document

A-Vic

do you have to include this in every report? even if its not on cash

anniem

For fraud you might want to look at how the company cheque book is handled; what checks are in place to ensure that cheques aren't fraudulently written out. How many signatures are required for each cheque? Are there additional safety measures if cheques over, say, £10,000 are written out?

You might want to review your new client processing; to ensure that trade references are taken up and credit limits are strictly adhered to for new clients; ensuring that clients do exist and that you aren't just sending valuable items to bogus clients with a PO Box and you have no hope of receiving payment.

Do you use an online banking facility? How many authorisation steps are included when processing BACS payments? Do you consider that the online banking facility is open to abuse? Is there a special number generating device to log onto the facility and if so is it kept in a safe place?

These are just a couple of ideas for you to consider.

anniem

A-Vic wrote: »

do you have to include this in every report? even if its not on cash

They do seem to like fraud covered somewhere.

If you look at element 10.2 fraud comes under the umbrella of 'Weaknesses'.

Sorry Vic - think you'll need to find something. What is your report based on?

A-Vic

its new client proceedures i have mentioned the money laundering laws

anniem

A-Vic wrote: »

its new client proceedures i have mentioned the money laundering laws

Sounds like you need to make a 'bigger thing' out of it rather than just 'mentioning it'.

Like SDV says, you really need to do a fraud matrix, and I think you ideally need to have at least two aspects of potential fraud.

If I recall correctly, you work in practice; so the new clients you deal with come to you for their accounts prep, etc.

Could you do something whereby you are helping your new client identify possible areas of fraud within their own business?

The only other angle I can possibly think of is ensuring that you have a good billing system, so that new client can't deliberately run up a huge bill thereby being in a position to default on large sums owed to you.

A-Vic

anniem wrote: »

Sounds like you need to make a 'bigger thing' out of it rather than just 'mentioning it'.

Like SDV says, you really need to do a fraud matrix, and I think you ideally need to have at least two aspects of potential fraud.

If I recall correctly, you work in practice; so the new clients you deal with come to you for their accounts prep, etc.

Could you do something whereby you are helping your new client identify possible areas of fraud within their own business?

The only other angle I can possibly think of is ensuring that you have a good billing system, so that new client can't deliberately run up a huge bill thereby being in a position to default on large sums owed to you.

But that will change the whole of the project? plus i dont have anything to do with billing a boss a bit of a control freak likes to handle all company monies himself

anniem

A-Vic wrote: »

But that will change the whole of the project? plus i dont have anything to do with billing

It's probably ideal if you have a chat with your tutor/assessor about it to see what element of fraud they'll envisage incorporated into your report.

That's the person who's going to be deciding if you've covered all the criteria - ask for their ideas, then at least you know what they're looking for!

A-Vic

anniem wrote: »

It's probably ideal if you have a chat with your tutor/assessor about it to see what they'll want incorporate in your report.

That's the person who's going to be deciding if you've covered all the criteria - ask for their ideas, then at least you know what they're looking for!

Thanks

Yeah i emailed my latest copy over last night to see where i could go with it - thanks for the heads up

tigger37

I've emailed so many copies to my assessor it isn't funny............my report was all about fraud risk so it was easy for me to come up with it. The problem I had was she wanted individual amounts if it were to occure in this area or that area. After talking to my manager, we just came up with a standard percentage of turnover for an amount as unless fraud is occurring, it is hard to dictate a certain amount of how it could affect the profits.

Lyn32

I have got my AAT Planning with the assesor's comment. I was not really that confident from the very beginning when I did it, it was so stressful but with the help of my mentor telling me to make a specific topic on what the report is all about. I tried hard but in the end it was worthed. The assesor's commented kindly into my AAT Planning (Now I just have to trust myself that I can do it).It is tough for me because I did not work at all but I was pleased myself when I got it back with a very positive comments.

Apart from I have to do additional work which I have to explain why I did the case study and it was entirely my fault because I totally forgotten to attached a piece of paper in which my tutor signed and explained why I requested the case study in the first place.

Now, I am hoping that I can slot my time to edit my final draft to finalise my report but I have 2 exams to do it is really hard.

Good Luck to you guys!